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There are a lot of ways to meet the requirement 

6 Mistakes Every Co-Living Investor Makes& How to Avoid Them1.

Most states require 27+ days of continuous stay before they are considered a tenant and not a guest.

You either have verified income and meet the other requirements, or don't. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

To me, you'll get a similar (if not slightly better) rate than hard money and you'll also avoid paying points for the hard money.

For example if the house is worth 400K, but they are willing to sell it for 375k because they are avoiding having to pay 25k in agent fees, then the bank can consider the equity gap as a down payment.

Does that make anyone think, "If you're not bringing any capital to the table then you probably want to avoid this strategy or you probably want to go with this kind of investment"? 

., as Chris noted, the required documentation will be outlined in the LP Agreement you signed.